Robert W. Baird Cuts Beacon Roofing Supply (NASDAQ:BECN) Price Target to $115.00

Beacon Roofing Supply (NASDAQ:BECN) had its price objective dropped by analysts at Robert W. Baird from $117.00 to $115.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 32.28% from the company’s current price.

BECN has been the topic of several other reports. Truist Financial boosted their price objective on Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. BMO Capital Markets boosted their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. boosted their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Benchmark began coverage on Beacon Roofing Supply in a research report on Thursday, April 18th. They set a “buy” rating and a $135.00 target price for the company. Finally, StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average target price of $109.27.

Beacon Roofing Supply Trading Down 11.5 %

BECN stock traded down $11.33 during trading on Friday, hitting $86.94. 1,143,773 shares of the company traded hands, compared to its average volume of 701,026. Beacon Roofing Supply has a 1 year low of $68.50 and a 1 year high of $105.42. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.02 and a current ratio of 1.87. The firm has a market capitalization of $5.53 billion, a PE ratio of -138.00 and a beta of 1.58. The company has a 50-day moving average of $95.58 and a 200-day moving average of $92.71.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.99 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.80). Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. The business had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter in the previous year, the firm earned $2.66 earnings per share. Beacon Roofing Supply’s revenue was up 6.8% on a year-over-year basis. Analysts predict that Beacon Roofing Supply will post 7.79 earnings per share for the current fiscal year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $29,155.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in Beacon Roofing Supply during the 1st quarter worth about $26,000. PNC Financial Services Group Inc. grew its position in Beacon Roofing Supply by 145.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares during the period. Quarry LP grew its position in Beacon Roofing Supply by 127.1% during the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in Beacon Roofing Supply during the 4th quarter worth about $36,000. Finally, Parkside Financial Bank & Trust grew its position in Beacon Roofing Supply by 86.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 910 shares of the company’s stock worth $79,000 after purchasing an additional 423 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.